Struggling to figure out how to withdraw your crypto from Binance into Naira in Nigeria? You’re not alone! With recent regulatory shifts, getting your funds out of Binance and into your local bank account might seem a bit tricky. But don’t worry, I’ve got you covered with the latest, simplest ways to make it happen.
The quick answer is you can’t directly withdraw Naira NGN from Binance to your bank account anymore due to regulatory changes. Binance delisted all NGN trading pairs and halted NGN services like direct deposits and withdrawals in early 2024. However, you can still withdraw your crypto, like USDT, from Binance and convert it to Naira using alternative methods. The most common and reliable ways involve using Binance’s Peer-to-Peer P2P trading for other cryptocurrencies like USDT or transferring your crypto to another platform that supports direct Naira withdrawals. We’ll walk through both options so you can choose what works best for you.
If you’re new to the crypto world or just getting started with Binance, signing up is your first step. It’s super easy, and you can get verified quickly. 👉 Easy Trading + 100$ USD Reward This guide is going to break down everything you need to know, from understanding the current crypto in Nigeria to navigating P2P and exploring other platforms. So, let’s get your crypto safely converted into cash!
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Understanding the Crypto Landscape in Nigeria
Nigeria has a vibrant and ever- cryptocurrency market, even with some regulatory bumps along the road. It’s truly incredible how resilient and innovative Nigerians are when it comes to crypto. Reports show that Nigeria’s crypto transaction volume hit a whopping $56.7 billion between July 2022 and June 2023, and the market is estimated to be worth over $400 million. In fact, some sources even suggest Nigeria traded an astonishing $59 billion worth of crypto assets between July 2023 and June 2024, cementing its status as Africa’s largest crypto market. Approximately 33.4% of Nigerians are actively involved in cryptocurrency trading and transactions. That’s a huge number, showing how many people are looking for reliable ways to manage their digital assets.
However, the Central Bank of Nigeria CBN has had a fluctuating stance on crypto. Back in 2021, they initially banned banks from facilitating crypto transactions, which, let’s be honest, caused a bit of a scramble for users. While cryptocurrencies aren’t considered legal tender in Nigeria, they are not entirely banned, meaning individuals can still use them. Fast forward to early 2024, and we saw some significant developments. Binance, the world’s largest crypto exchange, had to discontinue all Nigerian Naira NGN services. This included direct NGN deposits, withdrawals, and even P2P trading pairs involving Naira. The CBN and the National Security Agency NSA raised concerns about exchange rate manipulation and untraceable capital flows, with allegations that Binance’s P2P market was influencing the unofficial rates of the Naira.
This might sound a bit daunting, but it just means we need to be smarter and use the available methods that comply with the current situation. The good news is, there are still effective ways to get your crypto converted into Naira. It usually involves using stablecoins like USDT Tether as an intermediary, which is super popular in Nigeria because it helps protect against Naira’s unstable value.
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How to Withdraw From Binance to Your Bank Account in Nigeria
Since direct NGN withdrawals are no longer an option on Binance, we need to get a bit creative. The two primary methods we’ll explore are using Binance P2P with USDT and transferring your crypto to another platform that facilitates Naira withdrawals. The Ultimate Guide to Large Commercial Blenders: Powering Your Kitchen’s Potential
Method 1: Using Binance P2P Selling USDT for Naira
This is hands-down one of the most popular and flexible ways to convert your crypto into Naira. Binance P2P allows you to trade cryptocurrencies directly with other users, with Binance acting as an escrow service to keep things safe.
Here’s how you can sell your USDT for Naira on Binance P2P:
Step 1: Fund Your P2P Wallet or Funding Wallet
First things first, any crypto you want to sell on P2P needs to be in your Funding Wallet on Binance. If your USDT is in your Spot Wallet, you’ll need to transfer it.
- Open the Binance App: Log into your Binance account. If you haven’t set one up yet, it’s a breeze to do, and you can get a head start on your crypto journey here: 👉 Easy Trading + 100$ USD Reward.
- Go to Wallets: Tap on “Wallets” at the bottom right of your screen.
- Navigate to Spot: Select the “Spot” tab at the top.
- Transfer: Find “USDT” in your list of assets and tap on it. Then, select “Transfer.”
- Move Funds: Make sure it says “From Spot Wallet to Funding Wallet.” Choose “USDT,” enter the amount you want to transfer, and hit “Confirm Transfer.”
Boom! Your USDT is now ready for P2P trading.
Step 2: Access the P2P Trading Platform
Now that your funds are in the right place, let’s head to the P2P section. Where to Buy YSL Lipstick: Your Ultimate Guide
- Back to Home: Go back to the Binance home screen.
- Tap P2P Trading: Look for “P2P Trading” sometimes under “More” or “Trade” on the app and tap it.
- Select “Sell”: On the P2P page, you’ll see “Buy” and “Sell” tabs. Make sure you select “Sell.”
- Choose USDT: From the cryptocurrency options, select “USDT.”
- Set Fiat Currency: In the currency filter, select “NGN” Nigerian Naira.
Step 3: Find a Suitable Buyer
This is where you pick who you want to sell your USDT to. It’s like a marketplace, so you’ll see different buyers offering different rates and payment methods.
- Filter Your Search: You can filter buyers by:
- Amount: If you want to sell a specific amount of USDT, input the Naira equivalent to see relevant offers.
- Payment Method: Select “Bank Transfer” as your preferred payment method.
- Region/Availability: This usually defaults to Nigeria if your account is set up for it.
- Evaluate Buyers: Don’t just pick the first one! Look for buyers with:
- High Completion Rate: This shows they reliably complete their trades. I usually look for 90% or higher.
- High Number of Trades: More trades often mean a more experienced and trustworthy buyer.
- Good Price: Compare the exchange rates to get the best value for your USDT.
- Buyer’s Terms: Always, always read the buyer’s terms. Some might have specific instructions or requirements.
Once you find an offer that looks good, tap “Sell.”
Step 4: Enter Selling Details and Place Order
- Enter Amount: Input the amount of USDT you want to sell or the Naira equivalent you want to receive.
- Select Payment Method: Choose your bank account where you want to receive the Naira. If you haven’t added one yet, you can do so here. Make sure your bank account name matches your Binance verified name to avoid issues.
- Review and Sell: Double-check all the details – amount, rate, and payment method. Then, tap “Sell USDT” or “Sell with 0 fees”.
Step 5: Receive Payment and Release Crypto
This is the critical part where you confirm the Naira hits your bank account.
- Chat with Buyer: Binance has a chat function. The buyer might send you a message. Be polite and communicate clearly.
- Wait for Payment: The buyer will send the Naira to your bank account within the specified time limit.
- VERIFY PAYMENT: This is SUPER important. Do NOT rely on screenshots or “payment received” notifications from the buyer. Log into your actual bank app or internet banking to confirm the Naira has landed in your account. Scammers often use fake payment proofs.
- Confirm Release: Once you’ve confirmed the payment in your bank account, go back to Binance and tap “Payment received” or “Confirm transfer.” Only then should you tap “Confirm release” to send the USDT to the buyer.
And just like that, you’ve successfully converted your USDT to Naira!
P2P Safety Tips: Don’t Get Scammed!
While Binance P2P is generally secure due to its escrow service, you still need to be vigilant. Scams are unfortunately common, and it’s easy to get caught if you’re not careful. Commercial Coffee Machine Rental London: Your Ultimate Guide to Brewing Success
- Always Verify Payment Independently: I can’t stress this enough. Fake bank alerts are a real thing. Always check your actual bank balance.
- Never Release Crypto Before Confirming Payment: This is the golden rule of P2P. Once you release the crypto, it’s gone.
- Beware of Third-Party Payments: If the buyer sends money from a different name than their verified Binance name, or asks you to send to a different account, be very cautious. This could be identity fraud or a reversible payment scam.
- Keep Communication On-Platform: If a buyer tries to move the conversation or transaction off Binance, immediately refuse and report them. Binance’s escrow protection only works for trades within the platform.
- Report Suspicious Activity: If something feels off, don’t hesitate to use the “Appeal” button. Binance’s customer support can step in to resolve disputes.
- Check User History: Always look at the buyer’s trade count and completion rate. Low numbers or suspicious patterns are red flags.
Method 2: Transferring Crypto to Other Platforms for NGN Withdrawal
Another solid option, especially if you want to diversify or find a platform with more direct Naira support, is to transfer your USDT or other crypto from Binance to another exchange or app that facilitates NGN withdrawals. Many Nigerian users have turned to platforms like Bybit, Bitnob, Palremit, Noones, Cash In, Yellow Card, Monica.ng, or even specific local services like Suget.com and Exness.
Here’s the general process:
Step 1: Choose an Alternative Platform
Do your research and pick a reputable platform that operates well in Nigeria and supports NGN withdrawals. Popular choices include:
- Bybit: A well-known exchange with P2P features for NGN.
- Monica.ng: A platform specifically highlighted for quick crypto-to-Naira conversion and direct bank account credit.
- Exness: Mentioned as a platform where you can deposit USDT and withdraw NGN to local banks, including online ones like OPay and Kuda.
- Other Crypto Apps: Bitnob, Palremit, Noones, Cash In, and Yellow Card are also popular options for sending USDT from Binance and then selling for Naira.
- Suget.com: A local company in Lagos offering USDT sales and instant Naira payments to bank accounts.
Make sure the platform you choose has a good reputation, strong security, and a user-friendly interface. You’ll need to create an account and complete their KYC Know Your Customer verification, just like with Binance.
Step 2: Send USDT from Binance to the Alternative Platform
This step is essentially a crypto withdrawal from Binance to an external wallet address. Office coffee machine cleaning
- Get Wallet Address from Alternative Platform: On your chosen alternative platform, find the “Deposit” section for USDT. Make sure you select the correct network e.g., TRC20, BEP20, ERC20. TRC20 and BEP20 are often preferred by Nigerians due to lower fees. Copy this wallet address carefully.
- Initiate Withdrawal on Binance:
- Go to your Binance “Wallets” and then “Spot.”
- Find “USDT” and tap “Withdraw.”
- Select “Send via Crypto Network.”
- Paste the wallet address you copied from the alternative platform.
- Select the exact same network you chose on the alternative platform this is crucial – a mismatch can lead to lost funds!.
- Enter the amount of USDT you want to send.
- Review the network fees. Binance will charge a network fee, so factor that into your total. For example, sending 100 USDT via TRC20 might cost 1.2 USDT, so you’d send 101.2 USDT from Binance.
- Confirm the withdrawal with your 2FA Two-Factor Authentication.
Step 3: Convert/Sell USDT for Naira on the Alternative Platform
Once your USDT arrives on the alternative platform which usually happens pretty quickly, sometimes within minutes, you can proceed to convert or sell it for Naira.
- Locate Sell/Convert Feature: On the alternative platform, find the option to “Sell” USDT or “Convert” it to NGN.
- Execute Trade: Follow the platform’s instructions to sell your USDT for Naira. This might be through their own P2P marketplace, a direct conversion feature, or by placing a market/limit order.
- Add Bank Details: Ensure your Nigerian bank account details are added and verified on the platform.
Step 4: Withdraw Naira to Your Bank Account
Finally, once your crypto is converted to Naira on the alternative platform, you can initiate a withdrawal to your Nigerian bank account.
- Initiate Withdrawal: On the alternative platform, go to the “Withdraw” section and select “Fiat” or “NGN.”
- Enter Amount & Bank Details: Input the Naira amount you wish to withdraw and confirm your bank account details.
- Confirm: Complete any security checks like 2FA and confirm the withdrawal.
You should receive the Naira in your bank account relatively quickly, often within minutes to a few hours, depending on the platform.
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Key Considerations for Nigerian Users
Withdrawing crypto in Nigeria requires a bit of awareness about the local environment. Bringing the Café Home: Your Ultimate Guide to Commercial Espresso Machines for Home
- KYC Verification: You must complete identity verification Know Your Customer or KYC on both Binance and any other platform you use. This is a regulatory requirement and helps prevent fraud.
- Network Fees: Remember that when you transfer crypto between exchanges, there are network fees e.g., for TRC20, BEP20. These can vary, so always check before confirming a transfer.
- Exchange Rates: Exchange rates for USDT to NGN can fluctuate. Always compare rates across different platforms and P2P merchants to get the best deal.
- Security is Paramount: Be extremely careful about scams, especially with P2P transactions. Always double-check everything, verify payments independently, and stick to on-platform communication. Don’t be pressured into rushing a transaction.
- Regulatory Changes: The crypto in Nigeria can change. It’s a good idea to stay informed about any new CBN or SEC guidelines that might affect how you use or withdraw crypto.
- Internet Access: Some telecom providers in Nigeria have been instructed to block access to certain crypto platforms, including Binance. You might need to use a VPN or other alternative access methods if you encounter issues.
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Nigeria’s Crypto Market: A Snapshot
Despite the challenges, Nigeria remains a powerhouse in the global crypto scene. The Director General of the Securities and Exchange Commission SEC, Emomotimi Agama, stated that Nigeria’s crypto market is worth over $400 million, with a significant portion of the population involved in crypto trading. Between July 2022 and June 2023, the country’s crypto transaction volume reached $56.7 billion, showing a 9% year-over-year growth. Some estimates even put Nigeria’s crypto trade at $59 billion between July 2023 and June 2024, making it Africa’s largest crypto market and globally prominent for adoption.
This strong adoption rate highlights how important digital assets are becoming for many Nigerians, often serving as a hedge against inflation and a means for international transactions. Stablecoins like USDT are particularly popular because they offer a way to protect wealth from the volatile Naira. The government itself has shown signs of its stance, exploring blockchain technology for financial inclusion. While regulatory clarity is still a work in progress, the resilience and innovation of Nigerian crypto users continue to drive the market forward.
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Frequently Asked Questions
Is Binance P2P still working in Nigeria?
Yes, Binance P2P is still working in Nigeria, but with a significant change. You can no longer directly trade Nigerian Naira NGN pairs on Binance P2P. However, you can use the P2P platform to sell other cryptocurrencies like USDT for NGN, where buyers will transfer Naira to your bank account.
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Can I withdraw USDT from Binance to my Nigerian bank account?
You cannot directly withdraw USDT to your Nigerian bank account. Instead, you need to sell your USDT for Naira. This can be done via Binance P2P where a buyer pays Naira to your bank account in exchange for your USDT or by transferring your USDT to another crypto platform that supports direct Naira withdrawals.
How do I withdraw money from Binance to my bank account in Nigeria?
Since direct NGN withdrawals are disabled, the main way to withdraw money from Binance to your Nigerian bank account is by selling a cryptocurrency like USDT on Binance P2P. A verified buyer will send Naira to your bank account, and once you confirm receipt, you release the USDT to them. Alternatively, you can transfer your crypto to another platform e.g., Bybit, Monica.ng that allows you to sell crypto for Naira and withdraw to your bank account.
What are the safest ways to withdraw from Binance in Nigeria?
The safest ways involve using Binance P2P with extreme caution, always verifying bank payments independently before releasing crypto, and sticking to on-platform communication. Another safe method is to transfer your crypto to a reputable alternative exchange or platform that has strong security measures and a clear process for NGN withdrawals, like Bybit or Monica.ng. Always ensure the platform is well-regarded and that you complete their KYC verification.
Are there fees for withdrawing crypto from Binance in Nigeria?
Binance does not charge fees for P2P trading itself. However, when you transfer crypto out of Binance to another wallet or platform, there will be network transaction fees e.g., for TRC20 or BEP20 networks. These fees vary depending on the cryptocurrency and the network congestion. Some alternative platforms might also have their own fees for converting crypto to Naira or for bank withdrawals. Can You *Really* Use Binance in New York? The Honest Truth for Empire State Crypto Fans
Why did Binance stop NGN services in Nigeria?
Binance discontinued all Nigerian Naira NGN services, including deposits, withdrawals, and NGN P2P pairs, in early 2024. This was due to regulatory concerns raised by the Central Bank of Nigeria CBN and the National Security Agency NSA, primarily regarding alleged exchange rate manipulation and untraceable capital flows through P2P platforms.
Can I use other crypto apps to withdraw my money from Binance in Nigeria?
Yes, absolutely! Many Nigerian users transfer their crypto, typically USDT, from Binance to other crypto apps or exchanges that still support direct Naira withdrawals to local bank accounts. Popular options include Bybit, Bitnob, Palremit, Noones, Cash In, Yellow Card, Monica.ng, and Exness. After transferring the USDT, you can sell it for Naira on these platforms and then withdraw the Naira to your bank.
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